These are the standard services that all accounting firms provide to ensure that clients are complying with the requirements of Australian income tax and GST legislation. We provide a large range of compliance services for individuals, companies, trusts, partnerships, and self managed superannuation funds.
After the end of every financial year, we use our quality control working papers to ensure that your business’s profit and loss statement and balance sheet are reasonable. This process will ensure that your business’s financial statements accurately reflect the financial performance and position of your business, which is important when preparing the business’s tax return and applying for finance from banks.
Income Tax Returns
Every entity that earns assessable income is required to prepare and submit an income tax return annually. We use various checklists and working papers to ensure that the returns prepared by us are correct and that the final tax positions are optimised. We prepare individual, company, trust, partnership, and self managed superannuation fund income tax returns.
All entities that are registered for GST and/or PAYG Withholding are required to prepare and submit activity statements on a monthly and/or quarterly basis to report GST and PAYG Withholding Payable. We use a well designed process to ensure that GST returns are correct and are not affected by incorrect data entry. In addition to ensuring that GST is not under or overpaid, all our clients get an extra four weeks to pay their GST liabilities.
Fringe Benefits Tax
Businesses that provide benefits to employees, in addition to their taxable salaries, are required to prepare and lodge annual fringe benefits tax returns by 25 June each year. We are able to prepare these returns for our clients, as their tax agent.
Self Managed Superannuation
Self Managed Superannuation Funds are required to have their annual financial statements audited. We have a relationship with an independent registered auditor who audits our clients self managed superannuation funds.
Businesses with NSW employment costs in excess of $750,000 per year are required to register for and pay a state tax called “payroll tax”. The current rate of payroll tax in NSW is 5.45% of
employment costs exceeding $750,000. We are able to register our clients for payroll tax, prepare monthly calculations, and prepare and submit the annual reconciliation which is due on 21 July each year.
PAYG Payment Summaries
Businesses are required to provide all employees with a PAYG Payment Summary by 14 July each year and report the same information on a PAYG Payment Summary Statement to the ATO by 14 August each year. We are able to reconcile the PAYG Payment Summaries to your accounting system and amounts previously reported to the ATO to ensure that the summaries provided to employees are correct.
Company Register Maintenance
All Australian companies are required to maintain a company register at the company’s registered office. All changes in the company need to be correctly documented and notified to ASIC within set time periods (usually 28 days). We provide our “ASIC Service Package” where we act as the company’s registered office, maintain the company register, and ensure that the company is notifying ASIC of changes within the time limit. We use top of the range cloud based software to proactively manage this process and download daily reports from ASIC.